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Chinese President Xi Jinping addressed his nation Tuesday morning in Beijing to commemorate the 40th anniversary of China’s “reform and opening up” — and he struck a relatively defiant tone in response to international calls for changes to his country’s economy. His remarks focused on how China’s Communist Party guided the nation to its economic success and emphasized the country’s right to pursue its own path going forward. In an address that lasted nearly 1 1/2 hours, Xi did not mention trade

Chinese President Xi Jinping addressed his nation Tuesday morning in Beijing to commemorate the 40th anniversary of China’s “reform and opening up” — and he struck a relatively defiant tone in response to international calls for changes to his country’s economy.

His remarks focused on how China’s Communist Party guided the nation to its economic success and emphasized the country’s right to pursue its own path going forward. In an address that lasted nearly 1 1/2 hours, Xi did not mention trade tensions with the U.S. and made only passing reference to market-oriented reform goals that previous speeches have discussed in detail.

That idea of progress contrasts with other countries’ increasingly vocal demands for less state control and could have significant consequences for whether the U.S. reaches a trade deal with China by the end of its 90-day tariff ceasefire.

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday. Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing. In mid-October, Tesla officially acquired an 864,885-square meter

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday.

Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing.

Tesla did not immediately respond to an emailed request for comment.

In mid-October, Tesla officially acquired an 864,885-square meter plot in Shanghai’s Lingang area for the electric car maker’s first factory outside the U.S.

Elon Musk’s company has also launched an official WeChat account for hiring locals.

Producing in China, the world’s largest market for electric vehicles, would allow Tesla to reduce costs significantly. The company has said it is operating at a 55 percent to 60 percent cost disadvantage with a domestic peer due to ocean transport costs and tariffs.

This week, the China Consumers Association released a report stating that 91 of 100 apps it surveyed may be suspected of excessive data collection. He noted that Baidu CEO Robin Li’s comment earlier this year that Chinese people don’t care about data privacy also provoked popular backlash. While concerns grow about how Facebook, Google, Alibaba, Tencent and governments might use personal data shared online, some smaller Chinese companies are actively trying to protect data. While data privacy st

A wave of security breaches has made protecting personal information a greater priority for consumers around the world.

Executives say that’s even been been true in China, where rapid adoption of innovative mobile services has created a horde of data.

Paying with a smartphone using Alibaba-affiliated Alipay or Tencent’s WeChat Pay has become ubiquitous, while WeChat has become the default messaging app for both personal and business discussions. As a result, China’s tech giants have accrued huge amounts of information on their users, which some worry could be used inappropriately.

It seems most Chinese are willing to give up details about their financial, personal and professional lives for the sake of convenience, but that may be changing as consumers become more aware of security issues and companies work to improve collection practices. This week, the China Consumers Association released a report stating that 91 of 100 apps it surveyed may be suspected of excessive data collection.

“Recently in the past year or (so), because Facebook had this issue, the data privacy issue has also captured the Chinese consumers’ attention and the government’s attention,” Ziyang Fan, head of digital trade at the World Economic Forum, said in an interview with CNBC last week.

He noted that Baidu CEO Robin Li’s comment earlier this year that Chinese people don’t care about data privacy also provoked popular backlash.

“In China, the medical industry, also the technology industry, the technology companies that are working with AI and also with a lot of data, we all have a common agreement that the symptom data can be collected in a big chunk for big data analysis and also AI training,” said Jim Wang, chairman and founder of Nova Vision. “But personal information must be delinked, desensitized.”

Wang was speaking Wednesday at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China. Nova Vision is gathering retina data to develop an artificial intelligence system that can diagnose diseases from an eye scan.

Eric Ho, group CEO of health care-focused payments processor IHD Pay, also said during a conference session that his company separates medical data from personal information.

“We take away the name, the identification number of the patient in question,” he said. “We only look at the general data. And then we develop different algorithms to mine those data, but not to pinpoint any particular patient.”

Ho added that IHD Pay, which has more than 12 million users, doesn’t keep the facial biometric data it processes, and encrypts results sent between hospitals and users.

However, it’s not clear whether other companies are following such high standards. While data privacy standards and laws exist, enforcement has been lacking, especially in China. Some also argue less stringent regulation may help foster innovation.

Nova Vision’s Wang noted it has been difficult for his company to expand overseas due to tighter government regulation on data collection, such as GDPR in Europe.

“There’s a struggle,” Wang said. “For the AI algorithm to be very efficient and more efficient you need a lot of data. But then, on the other hand, if you want to protect your personal privacy, you do not want to share data, so it’s give and take.”

Several Chinese auto and transportation industry leaders are preparing for a future in which people share cars, rather than own them individually. They’re probably more interested in accessibility,” Freeman Shen, founder and CEO of Chinese electric car company WM Motor, said last week at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China. Traditional automakers, many already trying to navigate rising interest in the electric vehicle market, are paying close attention to

Several Chinese auto and transportation industry leaders are preparing for a future in which people share cars, rather than own them individually.

“(The new generation), they’re not interested in the ownership. They’re probably more interested in accessibility,” Freeman Shen, founder and CEO of Chinese electric car company WM Motor, said last week at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China.

Technological advances in the last several years have aided the rise of multibillion-dollar ride-hailing giants such as Uber and Didi. They, in turn, have challenged the traditional taxi driver system and cultivated a habit of on-demand car services for tens of millions of users globally despite ongoing safety concerns. Traditional automakers, many already trying to navigate rising interest in the electric vehicle market, are paying close attention to the ride sharing trend. Notably, General Motors is testing the waters with its own rental program.

In China, Feng Xing Ya, general manager of Guangzhou-based automaker GAC, also said the future of the auto industry lies in car sharing.

“(It’s) a challenge for the auto industry because people may buy fewer cars,” Feng said in Mandarin, according to a CNBC translation, during a Nov. 27 conference session.

A White House Press Secretary statement posted online, for its part, did not include that point. The White House did not immediately respond to a CNBC request for comment outside of U.S. business hours. The state media also said the two parties discussed North Korea denuclearization. The Chinese press also said Trump upheld a “One-China Policy” regarding Taiwan — something not mentioned in the White House statement. But WeChat users were unable to share a Chinese and English-language version of

While both the U.S. and China called this weekend’s meeting on trade very successful, many Chinese-language state media left out references to a 90-day condition for both sides to agree on issues such as technology transfer.

While it’s typical for there to be some daylight between governments’ spin about bilateral meetings, a host of differences between the Chinese and the American version of events points to a potentially challenging road ahead for any negotiations.

Another apparent discrepancy come from Chinese Foreign Minister Wang Yi’s, who remarked that the two countries will work toward eliminating tariffs. A White House Press Secretary statement posted online, for its part, did not include that point.

The White House did not immediately respond to a CNBC request for comment outside of U.S. business hours. The Chinese Ministry of Foreign Affairs did not immediately respond to a faxed request for comment ahead of a daily afternoon press conference.

U.S. President Donald Trump and Chinese President Xi Jinping met over a dinner during the G-20 summit in Argentina after months of increasing trade tensions between the two countries. The U.S. has imposed tariffs on $250 billion worth of Chinese goods, while Beijing has retaliated with duties on $110 billion of U.S. goods.

The White House’s latest round of tariffs on $200 billion goods was set to rise to 25 percent from 10 percent on Jan. 1, 2019, but Trump agreed at the G-20 meeting not to do so.

The catch is, however, that Xi and Trump must find resolution on “forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture” within 90 days, according to the White House press secretary’s statement.

That gives the leaders until early March — past Christmas, New Year’s and Chinese New Year — to find a way to keep tariffs from rising.

However, official online statements about Chinese Foreign Minister Wang Yi’s briefing on the meeting did not discuss the technology transfers or the 90-day condition.

The timeframe and details on areas of disagreement also did not appear in online reports from China’s state news agency Xinhua, People’s Daily — the official Communist Party paper — and CGTN — the English-language version of state broadcaster CCTV.

The articles did note the U.S. and China agreed to work towards mutual benefits, and generally indicated Beijing would increase purchases of U.S. goods. The state media also said the two parties discussed North Korea denuclearization. The Chinese press also said Trump upheld a “One-China Policy” regarding Taiwan — something not mentioned in the White House statement.

On top of that, Trump tweeted late Sunday evening that “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.”

Prior to that Twitter post, there had not been any mention of such an agreement in Chinese sources.

Foreign Minister Wang Yi’s remarks and some articles also discussed how China would move toward controlling fentanyl, which is linked to the opioid crisis in the U.S.

Again, such a remark fell short of the second paragraph in the White House’s statement that: “President Xi, in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance, meaning that people selling Fentanyl to the United States will be subject to China’s maximum penalty under the law.”

In addition, Chinese state media did not mention the White House’s claim that “Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.”

However, English-language editorials in Global Times did note the 90-day condition, and mentions of the timeframe were scattered throughout private Chinese-language reports and social media discussion.

But WeChat users were unable to share a Chinese and English-language version of the White House Press Secretary’s statement from the U.S. embassy’s official WeChat account. The post had more than 100,000 views and 5,423 likes as of Monday morning. Users could share other embassy posts.

WeChat, developed by Chinese tech giant Tencent, did not immediately respond to a request for comment.

“The U.S. Embassy faces regular and routine blocking of social media posts in China,” according to a U.S. embassy spokesperson. “The U.S. believes the free flow of information, including citizens’ access to media, plays an important role in fostering mutual understanding.”

To break into China and expand their businesses in Asia, companies need to establish a long-term strategy and a deep understanding of local practices, several business leaders told CNBC. As a result, Chinese start-ups have often pushed beyond the ethical boundaries of what a Western company might consider appropriate, before authorities step in. “There aren’t many Western tech companies that have had success in China because it is a very competitive environment,” Mikkel Hippe Brun, co-founder of

To break into China and expand their businesses in Asia, companies need to establish a long-term strategy and a deep understanding of local practices, several business leaders told CNBC.

“If you want to come to Asia, and think that (you can just) turn around, bring back a bag full of money, don’t make that mistake,” said Hakon Bruaset Kjol, senior vice president, partner and external relations Asia, at mobile network operator Telenor. “We have seen so many companies come and try to do that. You need to be long term.”

Speaking Wednesday at CNBC’s East Tech West conference in the Nansha district of Guangzhou in China, Kjol said that the process of entering the Asian market will take longer for companies coming in with Western-developed principles and codes of conduct.

Beijing especially has tended to take a more reactionary approach to regulating fast-growing industries such as technology. As a result, Chinese start-ups have often pushed beyond the ethical boundaries of what a Western company might consider appropriate, before authorities step in.

“There aren’t many Western tech companies that have had success in China because it is a very competitive environment,” Mikkel Hippe Brun, co-founder of cloud-based supply chain company Tradeshift, said in a separate session at the conference on Wednesday. “Chinese companies run with Chinese speed and very short decision cycles. So Western companies (are) always behind, (and) seen as slow in those decision cycles.”

TD Ameritrade is partnering with Tencent as the U.S. brokerage firm looks to tap the massive user base of the Chinese technology company’s WeChat messaging app. The move doesn’t get TD Ameritrade into mainland China yet, but would allow U.S. users to use the portal to check market data and other features. The bulk of WeChat’s users are in mainland China and TD Ameritrade would likely need to work to generate awareness of the mini program for U.S. users. The news followed an announcement a few da

TD Ameritrade is partnering with Tencent as the U.S. brokerage firm looks to tap the massive user base of the Chinese technology company’s WeChat messaging app.

The online brokerage announced Monday it’s opening a portal on WeChat for U.S. users, following a similar launch in August for Hong Kong users. The move doesn’t get TD Ameritrade into mainland China yet, but would allow U.S. users to use the portal to check market data and other features. It gives the company a first-mover advantage in being present on the most popular social messaging app in China, amid a steady push of foreign financial firms into the world’s second-largest economy.

“For greater Asia, China, there is obviously a large number of customers here who are interested in investing in U.S. markets,” JB Mackenzie, the managing director of TD Ameritrade Asia, said in an interview with CNBC Monday.

WeChat has more than 1 billion monthly active users, according to Tencent. Known in China as Weixin, the mobile app is also used by many overseas Chinese and foreigners. It has evolved from recorded voice messages to a means of paying for store purchases and utility bills. Users can also access third-party services such as SF Express — a delivery company similar to FedEx — through “mini programs” that live within the WeChat app.

TD Ameritrade’s portal will be a mini program. The company says users can access market data, investor education materials, account balance information and agent chat services. The bulk of WeChat’s users are in mainland China and TD Ameritrade would likely need to work to generate awareness of the mini program for U.S. users.

“WeChat has been expanding its offering globally, and we are very excited that TD Ameritrade is using WeChat to bring our unrivaled convenience and accessibility to its customers,” Juliet Zhu, general manager and head of WeChat Marketing at Tencent, said in a release.

TD Ameritrade’s push to work with a leading Chinese brand comes as Beijing has stepped up its efforts this year to make good on years-long promises to open up its financial markets to foreign players.

This past Friday, UBS received approval to become the first foreign bank to increase its stake in a Chinese securities joint venture to a majority 51 percent. The news followed an announcement a few days earlier that German insurer Allianz could establish a wholly-owned unit in mainland China. In early November, American Express received preparatory approval from the People’s Bank of China for a clearing and settlement license in mainland China, where the company has formed a joint venture with Chinese fintech (financial technology) company LianLian.

“(In the) past six months there’s an increasing appetite from the (multinational corporations) to double down and increase their presence in China. That of course was triggered by new regulation (for allowing majority stakes),” Cliff Sheng, financial services partner at consulting firm Oliver Wyman, said in a phone interview Monday.

Sheng noted the ability of foreign financial firms to succeed in China depends on how much they can commit to localizing their services. “This is the primary concern for the foreign players on top of getting the license,” he said.

In this case, TD Ameritrade is working with one of the leaders in China’s rapidly developing fintech sector. WeChat’s mobile pay function vies with Alibaba-affiliate Alipay as one of the primary means of payment in mainland China today, and parent company Tencent is behind the country’s first digital bank, WeBank.

“I think there are some amazing ideas ready to burst out of this scene,” Mackenzie said. “What you have are innovations from all parts of this world that are working to bring these ideas to customers, and that’s an exciting opportunity to us.”

Despite trade tensions between the two economic giants, there are plenty of reasons for them to work together in the longer term, said Duo Yuan, founder and chairman of Blue Stone Asset Management. “So, there are mutual benefits in working together,” said Duo, whose conversation in Chinese was translated by CNBC. His current firm, Blue Stone Asset Management, is one of the largest private equity fund companies in China, with assets under management in tens of billions yuan (billions of U.S. doll

Relations between China and the U.S. have the potential derail global economic growth, but the ongoing tariff fight is a political matter between U.S. President Donald Trump and Chinese President Xi Jinping, said a major Chinese private equity fund company.

Despite trade tensions between the two economic giants, there are plenty of reasons for them to work together in the longer term, said Duo Yuan, founder and chairman of Blue Stone Asset Management.

“Chinese and American people all want a good outcome. For the Chinese, we also hope that we can buy cheap U.S. products, have good American companies to cooperate with and learn new things from them. From the U.S. perspective, investing in China will bring good returns,“ Duo said on Wednesday at the East Tech West conference in the Nansha district of Guangzhou, China.

“So, there are mutual benefits in working together,” said Duo, whose conversation in Chinese was translated by CNBC.

Duo is a veteran in the Chinese financial sector. He had a hand in founding the investment trading business at China International Capital Corporation, a leading Chinese investment bank, and Bank of China’s fixed income business. His current firm, Blue Stone Asset Management, is one of the largest private equity fund companies in China, with assets under management in tens of billions yuan (billions of U.S. dollars).

The U.S. and China — the two largest economies in the world — have had a difficult relationship this year, with both countries imposing tariffs on the other’s products. Trump and Xi are expected to discuss trade at the G-20 summit this week, and many have said they hope the meeting will help to calm tensions.

“The development on U.S.-China relations is something that everyone is watching very closely. But on a long term perspective, the U.S. and China will likely be on the same path,” Duo said.

Reaching temporary truce between US and China ‘good for the market,’ JP Morgan says 4 Hours Ago | 05:01The world’s second-largest economy remains on track to be one of the fastest-growing globally, according to Jing Ulrich, managing director and vice chairman for Asia Pacific at J.P. Morgan Chase. “The important thing to note is the Chinese economy may be bending. It is not breaking,” Ulrich said Tuesday at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China. She said the

The world’s second-largest economy remains on track to be one of the fastest-growing globally, according to Jing Ulrich, managing director and vice chairman for Asia Pacific at J.P. Morgan Chase.

“The important thing to note is the Chinese economy may be bending. It is not breaking,” Ulrich said Tuesday at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China.

She said the firm expects China’s economy to slow from 6.6 percent to 6.1 percent next year. Beijing’s efforts to reduce reliance on debt for growth, an increase in uncertainty among consumers and an investment slowdown in areas such as real estate are all contributing to the slowdown, Ulrich said.

However, a growth rate above 6 percent would still mark one of the fastest in the world, and would top the U.S., which grew at a 3.5 percent annual rate in the third quarter.

Ulrich added she expects the U.S. economy to slow next year, as corporate profit growth slows and the stimulative effects of tax cuts wear out.

China’s massive consumer base is feeling a chill that could have ripple effects throughout an economy that’s already under pressure. While analysts say individuals are generally financially healthy, many are holding off on spending due to uncertainty about the future. He used to be the chief economist at Mizuho Securities Asia. “Everyone’s confidence, confidence in this year’s situation, has declined, (and) consumption was immediately impacted,” Shen said in Mandarin on Tuesday, according to a C

China’s massive consumer base is feeling a chill that could have ripple effects throughout an economy that’s already under pressure.

While analysts say individuals are generally financially healthy, many are holding off on spending due to uncertainty about the future.

“A decline in consumption is the biggest risk, because everyone already knows about the decline in investment, everyone also knows about the trade tensions,” said Jian Guang Shen, chief economist at JD Digits, which was spun off from Chinese e-commerce company JD.com. He used to be the chief economist at Mizuho Securities Asia.

“Everyone’s confidence, confidence in this year’s situation, has declined, (and) consumption was immediately impacted,” Shen said in Mandarin on Tuesday, according to a CNBC translation. “In the next couple of months, consumption will continue to slow.”

Already, retail sales fell to a disappointing 8.6 percent in October. That contrasts with past years which generally saw near-10 percent growth or higher.